Audit unit of Norway bank DNB failed to uncover Luxembourg unit work-internal report
OSLO, April 11 (Reuters) - The internal audit unit of DNB , Norway's largest bank, failed to uncover the work of DNB's Luxembourg unit in setting up offshore companies for some customers, the bank's board said in a report on Monday following the Panama Papers document leak.
DNB said on April 4 it had assisted about 40 customers establish offshore companies in the Seychelles between 2006 and 2010 and that it regretted the practice.
"The investigation has demonstrated a failure in the role of the internal audit unit, which contributed to relevant information not being discussed or reported to the corporate headquarter in Norway," DNB's board said in a report on Monday.
In a separate statement, the Norwegian government said it would examine DNB's report. The state is DNB's top owner with a stake of 34 percent. It had demanded that the bank explain its practice. (Reporting by Camilla Knudsen, writing by Terje Solsvik, editing by Gwladys Fouche)
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